In its initial NFT announcement, Reddit indicated that avatars would enable artists to create and sell NFTs through its store and on secondary marketplaces.
On OpenSea, a nonfungible token (NFT) marketplace, recently Reddit blockchain-based avatars are selling better than the platform’s proprietary store.
In July 2022, Reddit announced the creation of collectible avatars for the internet’s growing NFT sector. Artists have already earned tens of thousands of dollars in sales from the avatars, which became available to users in August.
Reddit users can pay for a wide range of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, to purchase blockchain-based NFTs. Credit and debit cards are accepted.
Since OpenSea supports cross-blockchain functionality across Ethereum, Polygon, Klaytn, and Solana blockchains, Reddit NFTs are now being sold at a premium on the popular NFT marketplace. Independent artists create Reddit avatars on purchase, and they minted on the Polygon blockchain.
Currently, avatars on the Reddit Avatar store page can be purchased for $5 to $49, while those listed for $50 or more are now sold out. OpenSea still has avatars available, although they are listed for significantly higher prices than before.
OpenSea features two specific collections, The Senses x Reddit Collectible Avatars and Foustlings x Reddit Collectible Avatars, in which Reddit Avatars are compiled.
ETH gas fees will now be covered by Reddit thanks to a partnership with FTX.
There have been 1,300 Senses NFTs listed on Polygon since Aug. 20, which have generated 15 Ether (ETH) in sales, or $25,000. The Mouths 12 is the most costly NFT sold in the collection thus far, with 1.377 Polygon-bridged ETH ($333) being sold on Sept. 3.
As of writing, OpenSea has 1,800 Foustlings NFTs listed, and their sales volume is 9.6 Polygon-bridged ETH ($577). The most expensive NFT from the Rainbow Foustling collection (373) was sold for 0.348 Polygon-bridged ETH on September 4 and currently has the highest ETH value at $577.
There has been some buying activity for the Natsukashii, Celestial Assembly, and Wearing Your Emotions collections, which have accounted for 3.7 ETH, 2.4 ETH, and 1.5 ETH, respectively, in Polygon-bridged sales.
The initial NFT announcement from Reddit indicated that avatars would enable artists to create NFTs and sell them through their store and secondary marketplaces.
